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1 RESOLUTION NO. , 4!7e, <br /> 2 <br /> A RESOLUTION interpreting Ordinance No. 812-81 establishing single <br /> 3 family residence deferments under LID 709. <br /> 4 <br /> 5 WHEREAS, during the hearings on the assessment roll for LID 709, the City <br /> 6 Council learned that the Finance and Budget Director and Treasurer interpret <br /> 7 Ordinance No. 812-81 as requiring that interest be compounded on deferred payments; <br /> 8 and <br /> 9 WHEREAS, said interpretation does not concur with City Council's intent; <br /> 10 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> 11 OF EVERETT that the intent of City Council in establishing the single family residence <br /> 12 deferment provisions under LID 709 was not to loan money or credit to owners <br /> 13 occupying single family residences in the LID area, but to defer payment of the <br /> 14 appropriate assessment so long as single family residence owners occupied single family <br /> 15 residence property in the LID area. The intent of the provisions requiring repayment of <br /> 16 the deferred amount is only to recover the actual out-of-pocket costs of the <br /> 17 deferment. Since compounding of the interest paid by the City does not represent the <br /> 18 actual out-of-pocket cost to the City, compounding is not necessary and is not within <br /> 19 the intent of the deferment provisions of Ordinance No. 812-81. <br /> 20 <br /> 21 )" �d <br /> 22 Councilman In ucing Resolution <br /> 23 PASSED and APPROVED this day of / / LC. , 1984. <br /> 24 7 <br /> 25 / <br /> Pr 411 / �I <br /> C cil dent <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br />